Duke gets all clear on accounting investigation

The US Department of Justice has closed its grand jury investigation into issues related to Duke Power’s regulatory reporting, concluding that no action is warranted against the company. Duke, the North Carolina-based energy company, was informed of the outcome in a letter from the US attorney for the Western district of North Carolina.

The grand jury was investigating allegations that Duke Power under-reported its profits in order to avoid rate cuts. The probe stemmed from a 2000 audit by North Carolina and South Carolina utility regulators of Duke Power's financial reporting from 1998 to 2000, Duke said in a statement. Duke Power entered into settlement with the state utilities commissions in late 2002 and “acknowledged errors and areas of differences in professional opinions.” The US attorney notified Duke Power of its most

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